A day will come when the senior member of the family won’t be able to make important decisions including their finance. During these days power of attorney for family will make things easy for them.
It helps them to assign another family member to act on behalf as a representative and carry out the decisions.
It is among the list of important documents that a senior family member has to have in order; however, it is one that involves the discussion with the entire family member. This representative in a POA is called as the agent. He can carry out the health, financial and business decisions of the senior family member.
A notary public in Dubai can help your family save a lot of resources and even trouble in the future by drafting POA. Families should consider POA drafting early as it can only be created if the senior member is in good health.
Reasons Why Senior Family Member Should Consider Having a POA
A power of attorney gives the family member the power to make decisions when senior members can’t perform them.
Following are the scenarios when the senior family member has to make POA.
- During the time of surgery or treatment and wishes another person in charge to make decision until the recovery.
- If a person is traveling during retirement and wishes to have someone trustworthy in taking care of his or her responsibilities back home.
- When diagnosing from dementia or Alzheimer’s, and wishes to make another family member to take over the important decisions.
In short, whenever there is any reason for a person to benefit from another person having legal capability or status in helping make important decisions as well as managing responsibilities, setting up a POA and undergoing power of attorney notarization in UAE will be helpful.
Are there Different kinds of (POA) Power of Attorney?
Following POAs ensure your family member’s bases are fully covered.
- Durable Power of Attorney – This power of attorney becomes effective when it is signed by the principal. A durable POA is only effective till the person passes away or makes a move in canceling it. An aging parent that has significant health issues has to have a lasting or durable POA in place. If the POA is not durable, then the legal document can lose its power when the parent becomes unable to carry out his or her own decisions.
- Financial Power of Attorney – This power of attorney allows someone to possess legal authority in handling all or a part of the financial affairs of a principal. This can include simple and straightforward tasks such as paying the bills of the principal and accessing bank accounts. Most senior family members want agents to have broad powers when writing power of attorney. It will make sure that financial responsibilities and assets are protected.
- Medical or Healthcare Power of Attorney – As its name suggests, medical power of attorney is created in order for someone to have power or authority in creating decisions for a principal that is related to healthcare or medical. The agent has to make decisions that are of the best interests of the principal health-wise.
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